Metals Data Response Global Steel Production (Jan.) Today’s data show global steel output stuttered out of the starting blocks at the beginning of 2019 and we expect output growth to remain lacklustre this year. 26th February 2019 · 1 min read
Metals Data Response Global Aluminium Production (Jan.) Global production growth plummeted in January, but given that input costs are falling, we think that output growth will recover later this year. 20th February 2019 · 1 min read
Commodities Update Iron ore price to tumble, but not yet We have revised up our iron ore price forecast following the disaster at the Córrego do Feijão iron ore mine and its aftermath, given the negative implications for supply. However, with demand set to... 20th February 2019 · 1 min read
Metals Watch Prices to fall, despite low exchange stocks Exchange stocks in most base metals have slumped over the past year. Typically, this is associated with strong demand or weak supply growth, and results in higher metals prices. In this Metals Watch... 19th February 2019 · 1 min read
Metals Focus Can copper return to $10,000? Constrained supply growth and surging demand from electric vehicles mean that we think that the price of copper will rise by over 60%, to nearly $10,000 per tonne, by 2025. This is likely to represent... 14th February 2019 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor China’s industrial activity data suggest that metals demand held up well in the last quarter of 2018, but we don’t expect this to last in 2019 as a downturn in economic activity will weigh on demand. 7th February 2019 · 1 min read
Metals Chart Pack Widespread rally, but too good to last Prices of base and precious metals, along with iron ore, have risen robustly so far in 2019 but we believe that prices will diverge sooner rather than later. We expect the prices of industrial metals... 5th February 2019 · 1 min read
Industrial Metals Update Iron ore prices unlikely to stay elevated for long In light of a tragic accident in Brumadinho, we are revising up our iron ore price forecasts for this year and next in anticipation of weaker-than-expected Brazilian output. However, we are still of... 28th January 2019 · 1 min read
Metals Outlook Industrial metals to fall further, before 2020 rebound Global demand growth is set to slow to its weakest pace since the global financial crisis, causing investor sentiment towards industrial metals to deteriorate. Both of these factors should drag... 28th January 2019 · 1 min read
Metals Data Response Global Steel Production (Dec.) Today’s data suggest that rapid increases in global steel output in 2018 are not set to be repeated in 2019. We think demand weakness will be a drag on prices and production this year. 25th January 2019 · 1 min read
Metals Data Response Global Aluminium Production (Dec.) European smelter closures and a further reduction in output at the Bécancour smelter in Canada saw global production growth plummet m/m in December. However, with cost pressures easing and smelters... 21st January 2019 · 1 min read
Industrial Metals Update Copper prices to stand firm this year Subdued levels of supply growth combined with increasing global demand will ensure that copper remains in a substantial market deficit and that prices will hold up well in 2019. 18th January 2019 · 1 min read
Industrial Metals Update Lower costs, lower prices for aluminium in 2019 We think aluminium prices will drop from around $1,865 per tonne at present to $1,750 by end-2019 due to rising output and falling costs at a time of sluggish demand. 18th January 2019 · 1 min read
Industrial Metals Update Weaker demand to weigh on Chinese imports After strong growth in 2018, we think that China’s imports of most industrial metals will be softer in 2019, reflecting slower economic growth and weaker domestic demand. 9th January 2019 · 1 min read
Metals Chart Pack Gold to remain the star performer We suspect that there will be further falls in industrial metals prices as global economic growth slows and investors continue to flee from riskier assets. That said, economic and financial... 4th January 2019 · 1 min read
Metals Data Response Global Aluminium Production (Nov.) Closures of Chinese smelters in December mean that November’s sharp increase in global aluminium production will not be repeated. Consequently, the recent surge in stocks could start to unwind. 20th December 2018 · 1 min read
